Edible fungi are tasty as well as full of all kinds of biological activity, and the antioxidation is one of the most important activities among them. Polysaccharides, polyphenols, terpenoids,and selenium are the major antioxidants of edible fungi. In this paper, it was reviewed the research advance of antioxidant substances and the antioxidant mechanism of edible fungi, and the future research direction was also summarized, aiming to develop and utilize edible and medicinal values of the polysaccharides in the futher, and improve its application in the fields of food and medicine.